We often come across business owners, incorporated professionals and entrepreneurs who decide to get incorporated but don’t take full advantage of their corporate structure.
They might be running a successful and growing business but if they structured their corporation right, they could be much further ahead.
One of the things we highly recommend doing to stop giving away your hard-earned dollars to CRA is to leave as much money as you can inside your corporation. Don’t take out money to pay down your mortgage. Don’t take out money that you don’t need to spend.
If you leave it in the corporation and plan for your retirement using your corporate structure, you’ll end up paying tax at a much lower rate.
If you would like to make sure that you’re getting the most benefit from your corporation book a call, we’d be happy to help.